Nigeria’s state owned oil company, NNPC Limited, has reported a record profit of 5.4 trillion naira (£3.6bn) for the year ending in 2024, amid plans for a major $60bn (£47bn) investment drive.
The company said the profit after tax was a 64% increase on the previous year, while its revenue grew by 88% to 45.1 trillion naira.
The results mark a significant turnaround for the firm, which became a commercial entity in 2022 after decades of operation as a state-run corporation.
Announcing the financial results, NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, said the earnings demonstrated the “positive momentum of our ongoing transformation.”
“They offer a solid foundation for the ambitious growth ahead,” he added.
The company also unveiled a strategic roadmap to sustain this growth, pledging to invest $60 billion across the oil and gas industry by 2030.
Key targets include a plan to drastically increase Nigeria’s oil production from its current level to 3 million barrels per day by 2030. The company also aims to boost natural gas production and complete major domestic gas pipeline projects.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Mr Ojulari said.
The firm said its transformation was “anchored on transparency, innovation, and disciplined growth.”
The 2024 Audited Financial Statement will be made available on the company’s website, the statement confirmed.
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